On May 10, 2020, Windsor Co. enters into a contract to deliver a product to Greig...

 

Transcribed Image Text:

On May 10, 2020, Windsor Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,970 on July 15, 2020. The cost of the goods is $1,270. Windsor delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Windsor related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date # Account Titles and Explanation (To record contract entered into) (To record sales) (To record cost of goods sold) (To record payment received) Debit Credit On May 10, 2020, Windsor Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,970 on July 15, 2020. The cost of the goods is $1,270. Windsor delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Windsor related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date # Account Titles and Explanation (To record contract entered into) (To record sales) (To record cost of goods sold) (To record payment received) Debit Credit

Answer rating: 100% (QA)

Answer Date May 10 2020 June 15 2020 July 15 2020 Account Titles a... View the full answer